Chemical and Allied Gains Most in Three Months in Nigeria
Chemical and Allied Products Plc, a Nigerian paint and household products maker, gained the most in almost three months as some investors speculated it will pay an interim dividend for the first half.
The stock advanced 4.2 percent to 24.10 naira in Lagos, Nigeria’s commercial capital, the most since April 18.
“It’s the payout that is pulling it,” Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance Ltd., said by phone today. “Sometimes they pay an interim dividend so investors may be betting that it will do so this year.”
Chemical and Allied paid a full-year dividend of 1.6 naira per share for 2011. Profit for the first quarter through March rose to 260.32 million naira ($1.6 million), from 219.18 million naira a year earlier, it said on May 9. Officials of the company were not immediately available to comment when Bloomberg called its corporate office in Lagos today.
Chemical and Allied’s shares have risen 66 percent this year, compared with an 11 percent gain in the Nigerian Stock Exchange All-Share Index over the same period.
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